Starting a medical practice in 2020 can be the beginning of an incredible experience. There can be a lot to consider when choosing to start your own medical practice. Use this checklist, provided by medical billing software Dr. Bill to help you ensure you have covered all of your bases.
Opening Preparation
- Select a start date for your medical practice startup at least six months to a year before opening
- Hire an accountant and a lawyer to assist you with incorporation and financing
- Choose a location
- Develop a business plan
- Develop a budget
Licensing and Financing
- Research financing options and meet with lenders
- Secure financing for your operations
- Set up necessary business bank accounts
- Obtain professional designations and licenses
- Set up your business as a legal entity
Picking Your Practice Location
- Select a geographic area
- Research available properties to lease or buy
- Negotiate terms of office lease/purchase
- Evaluate space and equipment needs
- Coordinate logo and signage
Staffing
- Determine staff needs
- Develop job descriptions and office policy manual
- Budget for salary
- Recruit new staff
- Follow up on references
- Hire new staff
- Set up employee contracts
Administration
- Choose an EMR software
- Choose an accounting software
- Choose a payroll software
- Choose a scheduling software
- Set up employee information and benefits packages
- Research and compare insurance options
- Set up malpractice insurance
- Set up a group health insurance
- Set up office liability insurance
- Create an office policy manual
Office and Equipment Setup
- Create a list of clinical equipment needs (patient beds, medical tools)
- Create a list of day to day office equipment needs (telephones, computers)
- Create a list of specialized equipment needs (ultrasounds, lab equipment)
- Create an equipment budget
- Seek out vendors and compare prices
- Place equipment orders
- Place office equipment orders
- Arrange delivery with your office space
- Assemble and organize equipment
- Install computer software (EMR, accounting, payroll)
Processes and Procedures
- Set up a process for bank deposits and cheque writing
- Set up checks and balances for accounting (dual signatures, etc.)
- Set up daily/monthly financial reporting standards
- Set up appointment scheduling
- Establish appointment booking procedures
- Set up accounting procedures (payables/receivables)
Practice Management and Marketing
- Establish clear expectations with employees
- Set out a clear separation of duties
- Train employees on processes and software systems
- Draft/organize patient forms and processes
- Order materials for the waiting room
- Arrange garbage and recycling pickup
- Communicate with pharmaceutical reps
- Develop a logo
- Create a marketing strategy
- Assign staff/contractors to assist in the implementation of marketing strategy
- Make a public announcement about your practice opening
- Place ads in your local newspaper or other media
- Place ads in local newspapers and media
- Create pamphlets, brochures, and flyers
- Develop and create a website
- Connect with referring physicians
